Quote:
Originally Posted by JB in TV
We sat down to sign our contract to buy a spec home late in November 2012. At that time, we were made quite aware of the "one sided" wording of the contract, and the "take it or leave it" attitude of the developer. In fact, we got up and walked out, with the sales person and manangers blessing...so we could digest what we were reading in the contract. It was made very clear to us that they didn't care how we paid for the house, just that once we signed, we had to close when they said we were closing, or we would pay dearly for any variations. Earlier, it was HIGHLY suggested by the sales lady that we contact their mortgage company before signing the contract...as there were NO contingencies at all in the contract.
Bottom line for us, was we went back to our temporary housing, and read the contract start to finish, and decided (since we had been "pre-qualified" by Citizens Mortgage) to sign and buy. Wife and I have much real estate experience (both professionally and personally). We have been party to many new home contracts. Frankly, most new home builders have very one sided contracts, but this one was the worst.
What it boils down to, after this rather long post, is: read and understand everything you intend to sign. The sales people here are very nice, become friends, are very helpful, etc. but work only for the developer.
To the OP...I doubt they mislead you, but how would they know you intended to use an FHA loan unless you had mentioned it? Who is your lender? Had they ever dealt with The Villages new homes before?
|
Well--MY lender (Suntrust) was also nice enough to MESS UP. I was prequalified with Suntrust FHA. Signed contract- and then got a call 2 days after gave contract to Suntrust. She didn't check the "Maximum allowed" limit for FHA for Sumter County. Emails exchanged- her stating her error to my realtor stating we could ONLY use FHA-due to non-occupying co-borrower and limited assets. This meant estimated cash/close went from 25,000 to 65,000
His reply--"you messed up-how are you going to help OUR customers"? Never mentioned to us IT DOESN'T MATTER--I messed up too-YOU Can't close FHA anyway--even if you scrape up the 65,000!! Since he NEVER told me that- to obtain the difference: Sold Car, Sold Race Car, Sold Villa to cash value with quick close and sold golf cart---done, 65,000 ready, Appraisal Complete--bought new furniture for house, hired movers, hired sub-contractors to do minor changes on house
THEN--another week and half later--SORRY, We have a BIG PROBLEM..can't accept FHA!!!
